Karambunai Corp told Bursa Malaysia yesterday that CCAG would inject a seed capital of US$100mil as a revolving fund to develop about 3,000 units of low and medium high rise residential buildings. The fund also covers the development of a commercial beachfront centre on 75 acres owned by Karambunai Resorts.

A subsidiary to be incorporated later by Karambunai Resorts will be entitled to 50% of the net profit while CCAG will take the rest.

KIRC, which will include tourism, health and eco-nature edu-tainment recreation facilities, is to be developed over eight years starting from next year.

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